The binder is valueless unless all conditions have been satsfied including the premium for the policy(ies) being paid in full.

However, when you enter the unit you may find it is not in showable condition.

I used to be a credit manager and go around the country picking them up from major customers.Here is a sample of what one looks like: Personal guarantyIt ranges from a limited and conditional to unlimited and unconditional. 

This was in good condition.

I wouldn't be concerned about "double appliances" to be honest, most will come with appliances and if something breaks down, you can always find fairly good condition used ones on places like craigslist inexpensively, and I make sure in my lease to state that things like washer/dryer/refrigerator are tenants responsibility to have repaired.

@Redha Laafia  Perhaps pay a GC a fee to walk with you to give you quick thoughts about the property condition, major issues, and a guesstimate of overall pricing.  

He is open to owner financing with the following conditions: 15,000 down (about 5.5% down), 5-year balloon, 6% interest rate.

2 Bedroom rents for $800-1000 depending on condition.

Based on comps and the condition of the property, $250k is a very reasonable appraisal expectation. 

Their is a reason for its condition, the owner may be ready to unload it.